Beware Dealers That Are Moving Prices Up Today Like Mcm

@kg5

I know I have. Case in point, I have stopped buying any RCM products as an example.

I really really really really WANT that 2014 ANA Chicago Privy Maple Leaf.. but with dropping prices on the WMF privy,,, and dropping silver prices, I am going to on purpose drag my feet...and put it off.

Also there is the African ounces series, which also now they have a Pacific series, I think the mintage is 1,000 and all of them are done in an antique finished, uncirculated, and I find these are not dropping that far off from prices.. some of them still are riding around 78ish an ounce, and I keep trying to get them at the price or below...

so I am waiting... and waiting,, and waiting,, and waiting... I think sooner or later we see dealers throwing in the towel and individual collectors also give up hope that were thinking of flipping and making a quick buck.

I don't think it is the dealers that are marking up, I think it is the Mints doing it.
I imagine the Mints have contractual obligations to the mine owners and cannot afford to loose Face/money by selling at todays Spot prices.

well,,,

as it stands looks like the kilos are on their way out as they are being snatched up,, which I am glad to see as I Love the series.

I will go another year without one. I just cannot justify buying one, seeing that when silver was much higher they wanted just shy of 700.. now they are almost double that and silver is much lower.

Oh well... I will wait for yet another year and see what happens.

@devilsbite

It depends... I say this because I dont have a whole LOT data on kilo coins.. I remember seeing some auction on ebay for just a tad over spot.. and I saw a few that sold for a few hundred over spot.. but I have very little data that really says these kilo coins hold their value.

I would also say, that even at 800 for a kilo somalia, they are dropping in price, as I had seen a year ago some 2013s go for 1100ish... so lower silver prices are impacting any sort of semi numismatic value the coins have.

For this reason and seeing MCM blatantly jack up the price; after all I saw this coin on their site at just shy of 700 BEFORE silver tumbled.. now to be at 800, is just a TOTAL turn off.

I did see APMEX has dropped their price, more in line with what MCM was doing, APMEX wanted I think it was about 1400 just last week,, obviously that price was too high

I Am sure I will find what I Am looking for, but seeing the prices surge, nope, no thanks I can patiently wait, I am great at waiting :D

@pocket change 50

hey long time no see!


Interesting about them wanting to give you a rep... when I first heard about that MC from the RCM, I thought that was pretty neat customer service...

but then I started to hear over by you guys on the Canadian forum about quality issues, coins that couldnt be had even with having a rep.. and then the kicker, when I started to see a decline and now acceleration of prices dropping on RCM products such as the NCLT and I said "woahhh, danger".

I really am a big time sucker for elephants on coins lol.. I mean big time as in BIG TIME lol.... add to that rhinos as well... and then going down the list with other animals.

But yea, they do change every year, they even released one kilo elephant coin that had a privy mark on it. Like other bullion coins that aren't mass produced (not yet anyways lol) they do a good job of changing the design from year to year. I had been away from the hobby so I missed the earlier years but I jumped on the bandwagon as soon as I learned about them,, and I went on a wild chase trying to determine whats what in the series and many other folks step forward and provided even more info which was great!

I still want one and will keep my eyes open for a 2015 kilo elephant but I am ready to also let it go on till next year as well. I would rather pay MORE as silver gets out of a downtrend, than to buy at a price that is NOT correlated to silver, because after all this product is still, at the end of the day, bullion.

I have had enough of dealers driving the prices higher as silver drops; then again thats just me and the dealers are working the angles to profit as the glory days of silver and gold for now are in the rear view mirror. I have NOTHING against getting going market rate or more for anything but I just cannot commit to making a purchase as prices run higher. I mean 100 dollar increase in the coin is absurd as silver tanks... silver is NOT going to jump back to the moon...

To me MCM realllllly ratcheted up the price on this coin, and ok, thats just how it is. I will continue to wait and be patient and I will get one, at the price I want to pay for or feel comfortable with. To me at the time, upper 600s I felt fine with... and again seeing the price rip higher just turned me off lol


hey thanks, glad you have been able to have something to help you out there! I have enjoyed learning from everyone over at the Canadian forums as well!

Hi Yup7676,

I came across your thread this morning and would like to offer you a response. I am the Social Media Coordinator for MCM.

Here at MCM we monitor the supply and demand situation and set prices accordingly. The silver price does play a role, but it is not the only factor that is used to determine prices. Do you know where to find the coin at a cheaper price from a reputable dealer? If so, we will usually match or beat their price. We are one of only a few dealers who will do that. You can see our published Price Matching/Price Beat Policy here: https://www.moderncoinmart.com/orde...tml#matching.

I hope this has answered any of your questions or concerns. We appreciate every one of our customers and hope you will choose to fulfill your desire for this beautiful coin through us. Please let me know if there are any more questions I can answer for you.

Happy collecting!

Kelsey Howard
Social Media Coordinator at ModernCoinMart

Well I figured MCM would respond and they did.

I appreciate your response and thats very good to see MCM interact but that's pretty much standard procedure in this Internet age and the use of social medias.

So while its nice to see MCM offer their side, I will disagree with it and here is why.

For starters, the procedure to match price's really isn't genuine in my opinion, in fact its pretty limited. Furthermore, it raises many questions in my mind. Why is it that the list is only approved by MCM? Why does MCM selectively decide on its own who's on the list and not an independent body or group? Why is the list of dealers not on the web site? Doesn't it seem pretty unfair to block out hundreds of dealers nationwide that are also fair and offer competitive price and good customer service? Also, why doesn't MCM list out how they formulate this list? Why not just have already have a list of who's approved, instead of keeping it a mystery? IT doesn't seem like a good policy to me.

Here I copy and paste what MCM says "We will match or beat any competitor's price that is on our approved list of competing websites. That list will change from time to time. ebay is not considered a competing site. Dealers that have been in business for only short periods of time, or if in our opinion they are relatively unknown in the industry, will also not qualify. I am sorry but it sounds very arbitrary and perhaps even disingenuous.

Secondly, while I find absolutely no problem in MCM leveraging their name to command a higher premium, it still doesn't mean its a value to a collector as myself nor does it make me want to pay up for the MCM name.

In fact, today I look and find MCM has now the kilo coin at 815 which is now 214 points HIGHER than when I first found at 698ish. To me, that's pretty outrageous and I strongly feel that MCM is not going by supply and demand.

In fact I have a perfect example of why I feel MCM is not going by supply and demand. First, there have been zero auctions thus far on the part of MCM for the 2015 kilo elephant somalia coin on ebay.

Secondly and clearly the most important reason I dont feel MCM is offering a price that is in relation to supply and demand is that the true indicator of coins and their respective supply and demand is indeed auctions that take place on ebay, not what one dealer says.

On ebay recently there have been two separate kilo auctions for the new Benin elephants. A very reputable dealer from Germany had a recent auction for a 2015 and 2014 Benin Kilo coin.

BOTH of these coins come with COA, box and a limited mintage of 99 pieces. They are the first issues in the new Benin series, which is newer than the Somalian series.

What did the auctions come in at? If you look it up now on ebay, you find both came in at 787. Even when you add in shipping, they are still less than the price MCM wants for a 2015 kilo somalian elephant.

Clearly, in my opinion, which is based on the auctions on ebay, the 2015 somalian kilos are over priced in comparison to the the Benin coins as the mintage is not advertised nor known (tho I have a hunch what they are and am sure I can dig it up from a dealer or two) AND the somalian elephant series has been running for a while now, thereby reducing the premium it commands.

In conclusion, I will not be buying the somalian coin from MCM, not at these prices. The price needs to be more in line with the price of silver for starters. The fairest and most beneficial way MCM could serve their loyal customers such as myself and others would be by offering auctions on ebay, which would in turn reflect the true supply and demand in terms of price for this coin.

I appreciate your visiting our community and thread.

Just going to add my two bobs worth here

Just because the "Spot Price" is whatever it is doesn't mean that a dealer will automatically sell at that price regardless if it is MCM or any other entity.
I doubt very much that anyone got a volume of "Physical" Silver at $15 last week or so.
I am not really interested on bullion ( I dumped all my Junk and bullion Silver at $38) but just because the "Spot" is at "X" value why would ANY company divest itself of its holdings at a LOW just because everyone wants to get it "On the Cheap".
Bagging companies like MCM is pointless, I imagine they KNOW what their products are really worth and will sell accordingly.